VLGC spot rates have taken a steep turn upwards as the Panama Canal becomes increasingly congested and transit auction prices spike.
The Baltic Exchange assessed earnings up 29% in a week from the Middle East to Japan at $59,700 per day.
One European trader reportedly fixed Kuwait Oil Tanker Co’s 84,000-cbm Gas Umm Al Rowaisat (built 2020) for loading between 29 and 31 May in Saudi Arabia for a Japanese discharge at this level.
